Stock Traders Buy High Volume of Call Options on Algoma Steel Group (NASDAQ:ASTL)

Algoma Steel Group Inc. (NASDAQ:ASTL - Get Free Report) was the recipient of unusually large options trading on Tuesday. Traders purchased 20,493 call options on the stock. This is an increase of approximately 616% compared to the average daily volume of 2,861 call options.

Institutional Investors Weigh In On Algoma Steel Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASTL. Woodline Partners LP raised its stake in Algoma Steel Group by 59.2% during the 4th quarter. Woodline Partners LP now owns 2,844,439 shares of the company's stock valued at $27,819,000 after buying an additional 1,057,517 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Algoma Steel Group by 276.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,317,083 shares of the company's stock worth $12,884,000 after acquiring an additional 966,976 shares during the period. Empyrean Capital Partners LP purchased a new stake in Algoma Steel Group during the fourth quarter valued at $9,017,000. Cubist Systematic Strategies LLC increased its position in Algoma Steel Group by 1,321,815.2% during the first quarter. Cubist Systematic Strategies LLC now owns 436,232 shares of the company's stock valued at $2,364,000 after acquiring an additional 436,199 shares during the last quarter. Finally, Solas Capital Management LLC lifted its holdings in Algoma Steel Group by 37.7% in the first quarter. Solas Capital Management LLC now owns 1,460,646 shares of the company's stock valued at $7,917,000 after acquiring an additional 400,000 shares during the period. Hedge funds and other institutional investors own 72.00% of the company's stock.

Algoma Steel Group Stock Performance

Shares of NASDAQ:ASTL traded down $0.24 during midday trading on Friday, reaching $6.65. 1,995,604 shares of the company's stock traded hands, compared to its average volume of 810,828. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.47 and a current ratio of 3.10. Algoma Steel Group has a one year low of $4.17 and a one year high of $12.14. The company has a market cap of $697.26 million, a price-to-earnings ratio of -4.31 and a beta of 1.56. The stock has a 50 day moving average of $5.73 and a 200 day moving average of $6.90.

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported ($0.33) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.36. The business had revenue of $359.30 million during the quarter, compared to analyst estimates of $327.56 million. Algoma Steel Group had a negative return on equity of 12.98% and a negative net margin of 8.15%. As a group, equities research analysts anticipate that Algoma Steel Group will post -0.63 EPS for the current fiscal year.

Algoma Steel Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Tuesday, May 13th were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, May 13th. This represents a $0.20 dividend on an annualized basis and a yield of 3.01%. Algoma Steel Group's dividend payout ratio (DPR) is -12.99%.

Analysts Set New Price Targets

Several analysts recently commented on ASTL shares. BMO Capital Markets downgraded shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 2nd. Stifel Canada downgraded shares of Algoma Steel Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, April 17th. Finally, Royal Bank Of Canada raised shares of Algoma Steel Group to a "hold" rating in a research report on Tuesday, April 22nd.

Algoma Steel Group Company Profile

Algoma Steel Group Inc produces and sells steel products primarily in North America. The company provides flat/sheet steel products, including temper rolling, cold rolled, hot-rolled pickled and oiled products, floor plate, and cut-to-length products for the automotive industry, hollow structural product manufacturers, and the light manufacturing and transportation industries; and plate steel products that consist of rolled, hot-rolled, and heat-treated for use in the construction or manufacture of railcars, buildings, bridges, off-highway equipment, storage tanks, ships, and military applications.